I chose -V 3 with Lame 3.98.2 and no floating point values. I have since migrated down from -V 2 with 3.97 and can now fit about 25 extra songs on a 700MB CD-RW disc and about 500 extra songs on a 16GB device. All-in-all, I have been please with 3.98's (and 3.98.2's) encoding results and now see no need in using a high bitrate setting like -V 2.